Retail Sales Across Britain Down by Nearly 20% During May - Forex News by FX Leaders
Retail Sales Across Britain Down by Nearly 20% During May

Retail Sales Across Britain Down by Nearly 20% During May

Posted Friday, June 5, 2020 by
Arslan Butt • 1 min read

A recent survey by BDO reveals that retail sales across the country fell by nearly 20% as a result of the lockdown measures implemented by the government in the wake of the coronavirus crisis. BDO’s High Street Sales Tracker (HSST) reports an 18.3% reduction in total like-for-like sales, including in-store and online sales.

The decline was slightly better than April’s figures which revealed a fall by 29.6% in retail sales, the worst ever recorded. Meanwhile, fashion sales were down by 22.6% during the month of May.

Head of retail and wholesale at BDO, Sophie Michael, remarks, “Despite the significant pick-up in ecommerce, the monumental collapse in discretionary spend remains stark as retailers continue to face challenging headwinds. As shops look to reopen on June 15, they will face disrupted supply chains, mounting out of season stock and reduced footfall, as well as staffing uncertainty.”

Amid the lockdown conditions, there was a significant uptick in online sales, with total like-for-like non-store sales soaring 129.5% higher YoY. Notwithstanding the jump in online sales, the BOE has cautioned that overall consumer confidence could fall by as much as 25% in the present quarter even after the government eases the lockdown.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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